FINMA: Cyber attacks pose serious threat to financial system

Mar 28, 2018, 10:14 IST | IANS

The FINMA head also cautioned that Switzerland is lagging on safety behind other financial centers such as the United States and Britain, which have central cyber security centers

Representation pic
Representation pic

Cyber attacks are now the most serious threat facing the Swiss financial system, the CEO of the country's Financial Market Supervisory Authority (FINMA) said Tuesday. "The risks connected with these attacks are growing with the pace of global digitalization," Xinhua quoted the Chief Executive Mark Branson as saying.

"Cyber attacks are now the most serious operational hazard facing the financial system, and both the private sector and public authorities should take them extremely seriously," he said. Branson said Switzerland must do more to deal with the growing threat of cyber attacks as he cited cyber threats such as malware he named as "Retefe" which attacks e-banking systems, with around 100 attacks a day.

The FINMA head also cautioned that Switzerland is lagging on safety behind other financial centers such as the United States and Britain, which have central cyber security centers. "We also need a common platform. It would bring together specialists from different branches and strengthen collaboration between experts from the financial sector and the authorities," said Branson.

He explained that cybercrime is getting difficult to combat as banks outsource their activities, especially their back-office activities, which opens new fronts for hackers. The risks for the financial system are not limited to cybercrime, however, said Branson. He noted that new business models, particularly those relating to crypto currencies present opportunities and risks for financial institutions and their clients.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

Trending Video

Tags

geneva

Did you know Narendra Modi once wanted to become a monk?

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK